ATHENS – A 500-million-euro rescue package for the Public Power Corporation (PPC), where rate hikes will be offset by lower VAT and other levies for a net neutral impact on consumers, is to be presented to PPC’s board on Friday, Athens-Macedonian News Agency (ANA) sources said.

The proposal to be made by new President and CEO Giorgos Stassis will include a higher charge per KWh to boost the electricity utility’s revenues, which will be fully offset by lower VAT and the special levy for reducing greenhouse gas emissions.

The company also intends to reduce discounts for prompt payment, from 10 pct to 5 pct, and introduce a carbon emissions penalty that will not have an immediate impact on PPC bills.

In addition, PPC will introduce an additional 50 pct discount for those on mechanical support that are eligible for the Social Domestic Tariff.